Preferred Bank (NASDAQ:PFBC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in shares of Preferred Bank (NASDAQ:PFBC) by 4.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 142,833 shares of the bank’s stock after selling 6,079 shares during the period. Bank of New York Mellon Corp owned 0.99% of Preferred Bank worth $12,338,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. State Street Corp boosted its holdings in Preferred Bank by 0.4% in the 3rd quarter. State Street Corp now owns 592,566 shares of the bank’s stock valued at $47,553,000 after purchasing an additional 2,339 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Preferred Bank by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 415,722 shares of the bank’s stock valued at $33,362,000 after purchasing an additional 7,086 shares during the period. Geode Capital Management LLC raised its holdings in Preferred Bank by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 352,597 shares of the bank’s stock valued at $28,300,000 after buying an additional 12,283 shares during the period. JPMorgan Chase & Co. boosted its stake in Preferred Bank by 24.0% during the third quarter. JPMorgan Chase & Co. now owns 186,107 shares of the bank’s stock worth $14,935,000 after buying an additional 35,979 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Preferred Bank by 4.3% during the fourth quarter. Principal Financial Group Inc. now owns 70,530 shares of the bank’s stock valued at $6,092,000 after acquiring an additional 2,884 shares during the last quarter. Hedge funds and other institutional investors own 72.77% of the company’s stock.

Preferred Bank Trading Up 0.1 %

NASDAQ PFBC opened at $81.14 on Thursday. Preferred Bank has a one year low of $70.22 and a one year high of $99.78. The firm has a 50 day simple moving average of $87.40 and a 200-day simple moving average of $86.56. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of 8.43 and a beta of 0.93. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.08 and a current ratio of 1.08.

Preferred Bank (NASDAQ:PFBC) last issued its quarterly earnings results on Monday, January 27th. The bank reported $2.25 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.17). Preferred Bank had a net margin of 25.00% and a return on equity of 17.80%. Equities research analysts anticipate that Preferred Bank will post 9.81 EPS for the current fiscal year.

Preferred Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 23rd. Stockholders of record on Thursday, January 9th were given a dividend of $0.75 per share. This is a boost from Preferred Bank’s previous quarterly dividend of $0.70. This represents a $3.00 annualized dividend and a dividend yield of 3.70%. The ex-dividend date of this dividend was Friday, January 10th. Preferred Bank’s payout ratio is 31.15%.

Analyst Ratings Changes

Several equities analysts have recently commented on PFBC shares. DA Davidson upped their price objective on shares of Preferred Bank from $98.00 to $101.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. Piper Sandler upped their price target on Preferred Bank from $101.00 to $111.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, Stephens reaffirmed an “equal weight” rating and issued a $100.00 price objective on shares of Preferred Bank in a research note on Thursday, January 30th.

Preferred Bank Profile

Preferred Bank provides various commercial banking products and services to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals, and high net worth individuals. The company accepts checking, savings, and money market deposit accounts; fixed-rate and fixed maturity retail, and non-retail certificates of deposit; and individual retirement accounts.